Times are tough! There is not enough money to pay the bills. This may be a temporary problem, or a more serious problem that you can not recover from. I’ve been advising clients who are considering filing a bankruptcy case for 30 years. When clients are experiencing these fact patterns, I know that bankruptcy is a good option.
- You are unable to pay anything more than the minimum, required payment on a credit card or cards for more than three months in a row;
- You have obtained a title loan or a pay day loan;
- You have obtained a loan from a retirement account or (much worse) you took money from a retirement account to pay any bill;
- You are unable to pay your home mortgage or car loans;
- Creditors are calling you at home or work;
- Creditors are writing demand letters to collect debt;
- Creditors are calling your friends, neighbors or relatives (talk about embarrassing!);
Almost every client I counsel tells me, “I used to have perfect credit”. Nobody has perfect credit. Everyone has paid a bill late and that will affect your credit. However, if you have debt problems, you need to consult a bankruptcy attorney who can explore your bankruptcy options for you. Most attorneys offer a free consultation with their office. Exploring your options when you have overwhelming debt is a sound financial move. Addressing your debt problems can help take away your debt problems and get you back to restoring your credit.